Randolph to launch business improvement loan program

The town is partnering with Randolph Savings Bank on a $5 million loan program for businesses to make exterior and interior improvements.

Patriot Ledger staff

RANDOLPH – Randolph Savings Bank and the town are teaming up on a $5 million loan program to help local businesses improve their appearance.In what is being called the “5-5-5” program, the bank will offer the loans at a 5 percent interest rate with repayment terms of up to five years.

Randolph Town Manager David Murphy said the program is an extension of the town’s efforts to rejuvenate its local business districts. The town has spent $3.3 million in state Public Works Economic Development grants on new sidewalks and antique-style street lights and other improvements in the Crawford Square and North Randolph business districts.

“Our goal is to start the second phase of our redevelopment by encouraging private investment,” Murphy said. “What small-business owners need more than anything else is capital.”

Murphy pitched the idea for the program to Randolph Savings Bank CEO James McDonough, who agreed to become a partner.

“We hope businesses will take this as an opportunity to expand and improve their facilities,” McDonough said. “We’re excited to be working with the town to bring a resurgence of the Randolph downtown.”

McDonough said the town has been the bank’s home for more than 160 years and “we’ve invested in preserving the beauty and livelihood of the communities where we work and live.”

The money can be used for physical improvements to either the interior or the exterior of a business.

Murphy said the partnership will not only benefit the business community but the town as a whole.

In a separate program, Murphy said the town is making Community Preservation Act money available for exterior improvements to buildings that are more than a century old. Loans of up to $100,000 are available, and up to $25,000 can be converted into a grant, he said.

Letters have been sent to business owners inviting them to a cocktail party that will kick off the loan program. The party will be held Wednesday at the bank’s headquarters on North Main Street. To attend, contact Kim Pelland at 781-573-1364 or kpelland@randolphsavings.com.